Adani Group Stocks In Red Following Hindenburg's Allegations On SEBI Chair; Check Share Prices

The Indian conglomerate witnessed a dampening sentiment in the stock market following the latest allegations by the US-based short seller, Hindenburg Research

Shares of several entities of the Adani Group tanked as markets opened on Monday. The Indian conglomerate witnessed a dampening sentiment in the stock market following the latest allegations by the US-based short seller, Hindenburg Research.

The report by the short seller, released on August 10, alleged the involvement of SEBI Chair Madhabi Puri Buch and her husband, Dhaval Buch, in offshore funds named in the earlier allegations against the Adani Group regarding siphoning of funds. These allegations have been denied by Buch and her husband.

Stock Market In Red

Reacting to the report, the stocks of several companies in the conglomerate suffered a hit as trading started on Monday.

As of 9:41 AM, the shares of Adani Enterprises, the conglomerate’s flagship entity, plunged more than 3 per cent in the market and traded at Rs 3,079 apiece on the BSE. Meanwhile, Adani Ports and Special Economic Zone Ltd saw a decline of 2.40 per cent in its stock prices at Rs 1,496.45 per share on the BSE.

Around 9:42 AM, Adani Power traded at Rs 661.95, tanking nearly 5 per cent in the market, while Adani Green suffered a downfall of 3.78 per cent and touched Rs 1,712.85 per share on the BSE.

Meanwhile, the stock markets opened trading in red as the recent allegations impacted investors’ sentiment. As of 9:50 AM, the BSE Sensex plunged 281.86 points or 0.35 per cent and traded under the 79,500 mark at 79,424.05.

Background

Notably, the Hindenburg report on Saturday alleged that Buch and her husband held stakes in the offshore funds named earlier money siphoning allegations related to the Adani Group. Further, the report claimed that Buch failed to disclose several conflicts of interest during her tenure at the markets regulator.

These claims have been staunchly rejected by both SEBI and Buch and her husband. The Adani Group has also denied having any commercial dealings with the capital markets regulator head.